Lawyer Chris Delaney joins our Estate Planning Project as a podcast guest expert.
During our conversation, we talked about many issues, including:
- Most wealth fails to survive to the third generation of a family. In fact, there is a saying, common to almost every culture, that goes something like “Shirtsleeves to Shirtsleeves in three generations”. Why is this phenomenon so prevalent and how can we avoid it?
- Does it matter whether wealth is destroyed in three generations? Isn’t creative destruction a good thing?
- Detail what is meant by family enterprise succession planning versus mere estate planning or business succession planning?
- Detail what is meant by purposeful planning versus more typical estate or financial planning.
- You suggest that purposefulness is a 360 degree requirement of effective planning right down to the selection of your advisors. Can you elaborate on that?
- We tend to focus on financial wealth when estate planning and you consider that a missed opportunity and, perhaps, a critical error because there are many other sources of family enterprise wealth. Describe that for us.
- Describe some of the steps that might be involved in a more strategic plan for wealth succession?
- You’ve written a book on the subject of strategic estate planning entitled “The Naked Opus: Growing Family Wealth for the Long Term”. The title is intriguing – can you describe how that fits with the conversation we are having today?
- How can people purchase your book?
Please take a moment to listen to this podcast. It is important, insightful and thought provoking.
About Chris Delaney:
Chris Delaney, B.A., LL.B., B.Ed., TEP, FEA
Chris is the author of “The Naked Opus: Growing Your Family Wealth for the Long Term” (2018). He is a Professional Speaker and Intergenerational Family Wealth Strategist. He has worked as a Family Enterprise Advisor and lawyer with enterprising business families, Family Offices and families of wealth and their advisors to help them develop goals-based, strategic intergenerational wealth continuity plans. He is the Chair of the London and Southwestern Ontario chapter of the Society of Trust & Estate Practitioners (STEP).
About “The Naked Opus”:
“The Naked Opus: Growing Your Family Wealth for the Long Term” will be available at Chapters and other fine bookstores in August, 2018. It will also be available online at amazon.ca